Crypto Users and Exchanges Must Now Report Transactions in Colombia

Colombia may ban Bitcoin transactions next week. El Tiempo is reporting that Colombia is planning to ban all Bitcoin-related transactions next week. This news comes as quite a shock because the fact of the matter is Colombia is not exactly the first country that people think about when it comes to hotspots of cryptocurrency. The Finance Superintendent of Colombia has claimed that virtual currencies are not safe because they have no backing from government. He claims that Colombia already has a safe and useful currency and there's no reason for people to use bitcoins. The El Tiempo article....

In Colombia, the entity managed by the Ministry of Finance and Public Credit, the Financial Superintendence of Colombia (Superfinanciera) has revealed the authorization of alliances between Colombian banks and digital currency exchanges. So far, Colombia’s financial department has approved nine partnerships between exchanges and national banks in order to make cryptocurrency operations more accessible to citizens. Colombia’s Financial Superintendent Wants to Spread Crypto Accessibility The Republic of Colombia in South America has been friendly toward crypto assets like bitcoin....

Some rumors floating around last week indicated that Colombian authorities might seek to ban bitcoin transactions. Specifically, the report originated from the El Tiempo publication, which suggests a circular was due out this week. That document is available as of today (posted here, item #29), and the good news is that bitcoin, nor bitcoin transactions have not been banned. The Financial Supervisory Authority of Colombia instead took the opportunity to warn the public of the risks of getting involved with bitcoin, much like many other companies have done at this juncture. The document,....

The Superintendencia Financiera de Colombia (SFC) may be close to outlawing bitcoin transactions in the South American country, a report from a major nationally distributed newspaper claims. El Tiempo reported on 20th March that the SFC, in conjunction with Banco central de Colombia, Colombia's central bank, and the Ministerio de Hacienda y Crédito Público, the executive body responsible for budgetary concerns, is preparing to issue a document outlining the government's stance on bitcoin and bitcoin-related activities. According to El Tiempo, the SFC is set release the circular outlining....

The Congress of Colombia has approved a bill that regulates the behavior of cryptocurrency exchanges in the country in its first discussion, taking the first steps to bring clarity to this issue. One of the creators of the bill, Mauricio Toro, a representative of the Green Party, stated that this bill is needed to protect users from Ponzi schemes, giving them security in the crypto world. Colombia Gets on the Crypto Regulation Road More and more countries in Latam are realizing the growth and influence crypto and crypto-related businesses are seeing in their territories. Colombia....